Marketplace lending

This year saw elation over the rollback of risk retention for CLOs give way to concerns about leveraged lending, the 1st post-crisis downgrade of a subprime auto deal, the 1st AAA for commercial PACE, and much, much more.

The state has expanded the scope of ongoing legal actions against Avant and Marlette to include several securitization trusts and trustees.

The online lender will roll out the business early next year with a focus on loans of less than $100,000.

An agency report said servicing portfolios have shrunk by nearly half in 10 years as much of the mortgage market has shifted to nonbanks.

This marketplace lender's third securitization of the year again features fewer 60-month loans, slightly higher FICOs and lower coupons.

Social Finance, the lending and refinancing startup valued at more than $4 billion, is cutting about 7% of its staff, according to a person familiar with the matter.

The San Francisco company, which has racked up big losses over the last two and a half years, signaled Tuesday that it is on a path to profitability after resolving a series of longstanding regulatory problems.

The New York-based online lender plans to spend an additional $15 million next year, largely on bank partnerships and international expansion.

Marlette sharply reduced the share of sub-700 FICO borrowers, while also tightening a trigger tied to cumulative loss rates to enhance investor protections.

It's the first time any of the rating agencies has assigned an AAA for any securitization of consumer loans by a marketplace lender.

The $286.4 million deal is an important test for Upgrade, which has raised $142 million of equity over the past two years but has yet to turn a profit.

ODX will pursue deals with banks that want to use the New York lender’s technology to offer online small-business loans.

The bank seeks to answer the threat posed by disruptors with quick online loans and a card that rewards small businesses for more kinds of spending.

The LendingClub founder responded to being booted from his company by starting a new one with involvement from former investors — and a loan buyer he had supposedly wronged.

Rep. Emanuel Cleaver, D-Mo., released a survey of lending practices that he said point to practices such as forced arbitration clauses and extracting a customer’s credit score to determine creditworthiness.

Partly for this reason, Kroll expects losses on the transaction, PMIT 2018-2, to reach just 12.4% over the life of the deal, down from 13.4% for the previous transaction.

It bothered Jeannie Tarkenton, founder of Funding University, that too many kids from lower-income families didn't graduate because they lacked just a few thousand dollars and couldn't get a loan.

The marketplace lender recorded an impairment charge tied to the acquisition of a specialty lending business and is still being hit with costs stemming from the scandal that toppled its previous CEO.

The online small-business lender was aided by loan growth, wider margins and stable credit trends. Its shares surged by 25% after second-quarter earnings were announced.

As a result of the forward flow agreement, Kroll has increased expected recoveries, allowing Upstart to lower credit enhancement on its next securitization.